Financial terms of the deal were not disclosed in a statement released Tuesday evening.

Unilever approached Dollar Shave Club for the deal and is paying $1 billion in cash for the Venice, California-based company, business magazine Fortune reported, citing sources.

Unilever and Dollar Shave Club were not available to confirm the report outside regular market hours.

Dollar Shave Club founder Michael Dublin will continue to be the chief executive of the company after the deal that is expected to close in the third quarter of 2016.

The Anglo-Dutch maker of personal care products such as Axe, Dove, and Pond's, is one of the biggest companies in its sector worldwide and competes with other giants like Procter & Gamble Co and Colgate-Palmolive Co.